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2016 (8) TMI 471 - AT - Income TaxPenalty levied u/s 271D and 271E - whether the amount received by the assessee were advances and not loan or deposits ? - CIT(A) delted penalty - Held that:- Commissioner of Income-tax( Appeals) has decided issue in dispute on the basis of the agreements to sale of the inherited property between the assessee and Sh OmPrakash Dhama. He has also mentioned that it was brought on record by the assessee that the agreements could not be executed because of dispute about ownership of the inherited properties which was ultimately settled by the courts order dated 05/07/2009. Whereas, the Revenue has failed to bring anything on record which could contradict the evidences submitted by the assessee and therefore the allegation of the Revenue of manipulation are baseless and without any supporting evidence. In view of the above, we do not find any infirmity in the order of the Ld. Commissioner of Income-tax( Appeals) in treating the amounts in dispute as advance and not as loans or deposit and we uphold the same, accordingly the grounds raised in both the appeals are allowed in favour of assessee
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